Parsvnath Hotels Ltd. a subsidiary of Parsvnath Developers Limited (PDL), India’s leading real estate and infrastructure company has received 4 star category approval from The Ministry of Tourism for hotel project at Parsvnath Planet Plaza , Vibhuti Khand, Gomti Nagar, Lucknow. The construction of the hotel would be undertaken by Parsvnath Hotels Limited while it would be managed by Fortune Park Hotel Ltd, a wholly owned subsidiary of ITC ltd.
The Parsvnath Planet Plaza spread over 7778 sq. yards will have a total developable area of 1,50,000 sq. ft. Planet Plaza comprising of 12 floors would be a judicial blend of commercial and hotel section. The ground floor would be utilized for commercial and hotel lobby whereas the first two floors shall be dedicated for commercial uses and the remaining floors would be completely for the hotel section. The 4 star project would offer 130 rooms and all amenities. Strategically located at Vibhuti Khand, Gomti Nagar, the hotel is located next to the Lohia Hospital and is adjacent to Amar Shaheed path which has considerably reduced travel time from airport to our Hotel to a meager 15 mins. Parsvnath will make an initial investment of Rs 25 crore in the project.
Speaking at the occasion, Parsvnath Hotels Limited, Mr. Deepak Mowar, Vice President Hotels said, "Gomti Nagar is among the fastest growing areas in Lucknow. What was much needed in the fastest growing metropolis was a place which would cater to the business needs and provide shopping ease coupled with plenty of entertainment options along with facilities of four star hotels for the floating population. Through Parsvnath Planet Plaza, we aim at filling this gap. Situated in the heart of the city amidst posh residential area, this project offers best business opportunity in the area”.
The mall-cum-hotel would offer shopping facilities along with multi-cuisine food courts, 24 hour coffee shop, banquet facility, health and entertainment hubs for all age groups. The project is designed with well-planned floors, systemic layout providing ample parking space and back-up system for power.
“While 5 Star Hotels in India are at par with their global competitors, there is a near absence of internationally acceptable 4 Star Hotels. Fortune Park at Lucknow will bridge this gap and with moderate tariff and with world class business and leisure facilities it will be the perfect choice for today’s value conscious traveler”, said Mr. Mowar.
Along with Parsvnath Planet Plaza, the company has one of the best group housing projects in Lucknow called Parsvnath Planet, a Luxury air conditioned condominium project . The project being one of its kind in Lucknow was well applauded and almost 98% is already sold out.
About tie-up with ITC’s subsidiary – Fortune Park Hotels:-
Parsvnath Hotels, a subsidiary of Parsvnath Developers Limited, had signed a memorandum of understanding (MoU) with ITC’s Fortune Park Hotels to manage 50 hotels across the country in five years. The tie-up plans to develop 20 five-star, 20 four-star and 10 three-star and budget hotels. While, Parsvnath will own and develop the hotels, Fortune Park Hotel will manage them. The hotels will run under the brand name of Fortune Select, Fortune Park, Fortune Inn and Fortune Faith. More than 4,000 rooms will be constructed under these brands in different categories. Fortune Select hotels will have at least 100 rooms, Fortune Park will have 75 and the other brands will have at least 50 rooms. Parsvnath is coming up with 17 hotel projects and Fortune Park Hotels will manage seven projects in Ranchi, Lucknow, Indore, Jodhpur, Ujjain, Chandigarh Film City and Dehradun in the first phase. All these hotels would be operational by 2010. Parsvnath is also developing hotels in Shirdi, Mohali, Hyderabad, Ahmedabad, Goa, Gurgaon and Kochi. The company is planning to develop 75-100 hotels in tier-II, tier-III cities. Parsvnath Developers is eyeing Delhi, Mumbai, Kolkata, Chennai, Pune, Udaipur, Jaipur, Navi Mumbai, Agra, Bangalore, Bhopal, Raipur, Jalandhar, Ludhiana, Vadodhra, Manesar, Surat, Aurangabad, Gandhinagar, Nagpur, Jaisalmer and Noida to develop hotels.
About Parsvnath Developers Limited:-
Parsvnath Developers is noted for its rapid pan India spread. It is the fastest growing real estate group in India. Parsvnath Developers is amongst the largest listed real estate companies in India. As of today, company is developing 114 mega projects spanning 211.32 million square feet in 51 cities and 18 states. For the year ended March 31, 2008, Parsvnath Developers Ltd. recorded consolidated revenues of Rs 1837.12 crore and net profit of Rs 424.39 crore. For more details please visit www.parsvnath.com
